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The rise in the availability of repossession properties in Birmingham has been caused by the much-publicised Credit Crunch which has resulted in many home buyers finding themselves unable to meet their mortgage repayments. Eventually their building society will have to repossess the property in order to recover their investment, putting the repossessed home back on the Birmingham property market.
According to an article in The Independent, statistics show that property repossessions across the UK rose 70% in the 3 months to June 2008. The Financial Services Authority, who provided the repossession figures, said that the number of repossessed properties in those 3 months was 11,054 compared to 6,476 over the same period in 2007, with the number of repossessions growing significantly because homeowners were struggling to clear a backlog of arrears. Repossessions in Birmingham are no exception.
Repossessed properties are renowned for their excellent value, generally being available for significantly less than the current price for similar homes to ensure a quick sale.
Repossession properties in Birmingham are a good choice for first time buyers because of their low price in comparison to their potential market value, getting buyers on the property ladder with an affordable home.
Maguire Jackson’s database of repossessions in Birmingham keeps you up to date with the availability of these real estate ‘best buys’, which are becoming increasingly difficult to locate. This is due to the policy of mortgage lenders becoming unwilling to reveal that properties they are selling have been repossessed, rather wishing to present a kindly, family oriented image than one which shows them in the role of bad guy, taking away someone’s home.
Repossessed properties in Birmingham and the surrounding area are added to the Maguire Jackson property database every day. You can also sign up for free email alerts to keep you informed when repossessed properties in Birmingham become available.
If you are planning to buy a repossessed property in Birmingham you need to be just as prepared to go ahead with the deal as if you are doing a straightforward property transaction. Make sure you have mortgage approval before you make your offer on the repossessed property, and be certain how much you can borrow.
Whether you aim to purchase a Birmingham repossession property to live in yourself or to rent to tenants, you are assured of a bargain.